Commission Release Adopting Tender Offer Rules, Reports to be Filed by Certain Beneficial Owners and Issuance/Sale of Securities Abroad

October 12, 1998COMMISSION RELEASE ADOPTING TENDER OFFER RULES, REPORTS TO BE FILED BY CERTAIN BENEFICIAL OWNERS AND ISSUANCE/SALE OF SECURITIES ABROADTo further the objectives of the Commission's full disclosure program the Securities and Exchange Commission ("Commission") announces the adoption of the following rules governing tender offers, reports to be filed by certain beneficial owners and the issuance/sale of securities abroad: cda1.RSA Rule 33(a)-1:Tender Offer Rules    2.RSA Rule 32(a)-1:Reports to be Filed by Certain Beneficial   Owners    3.RSA Rule 6(b)-1:Issuance/Sale of Securities Abroad:  :Exemption from Filing RequirementsThe Tender Offer Rules establish standards for the dissemination of the offer and for the prorating of acquisition of shares in the event more shares are tendered than are desired by the acquiring company. The provisions of the proposed rules are essential to ensuring equal access to the tender offer and fair treatment of all shareholders who wish to tender their shares.The Commission expressed its concerns with the practice of "back door listing" where control is acquired of a company listed on the Philippine Stock Exchange in SEC Memorandum Circular No....